It’s a big wide world out there, especially when it comes to franchising and choosing a business opportunity that is the right fit for you. If you’re looking to escape the rat race and have decided that franchising is a good option for you to explore, where is a good place to start? It may come as a surprise, but exploring an age-old Japanese concept known as ‘Ikigai’ may help you to conceptualize your vision.
What is Ikigai?
Although Ikigai has been part of Japanese culture for centuries, it’s gained wider recognition in recent years. According to a 2017 BBC article, Ikigai loosely translates as ‘a reason for being’ and is described as being the intersection of what you love doing, what you’re good at doing, what the world needs and what you can be paid for. It’s a holistic approach, suggesting that true fulfilment comes from combining your passion and profession in order to live a fulfilling and meaningful life. What, you might ask, does this have to do with franchising?
Every business is hard work, and this is just as true when it comes to franchising. Once the initial excitement has worn off and you’re into the day-to-day grind, the crucial thing that keeps you going is your passion. Therefore, it’s extremely important when shopping for a franchise business that you research a number of brands, ask plenty of questions and be selective. Find one that that checks a number of boxes and is as close to your Ikigai as possible. Trust me on this one; you’ll thank me later. Doing so will not only help you feel a greater sense of fulfilment, but according to authors Héctor García and Francesc Miralles who wrote the 2017 book: ‘Ikigai: The Japanese Secret to a Long and Happy Life’, leaning into your Ikigai can also increase your longevity.
Franchising is a long-term venture, and franchisors specifically look for prospective franchisees who show a great passion for their brand… And with good reason. If you’re not passionate, your drive and enthusiasm will wane more quickly. The last thing any franchisor wants (which is also really detrimental for you, your business and the wider network) is disengaged franchisees. By understanding your passion, combined with your strengths, you set yourself up for success when choosing a franchise business, create the potential for a long-term prosperous business venture, increase your overall level of contentment and possibly even your own health and longevity.
With this in mind, here are some steps that you can take today, to help you combine your passion and profession so that you can choose the right franchise business for you.
Steps to success
Firstly, do some work on finding your Ikigai. What are you passionate about? Make a list of your hobbies, fun activities and things that energize you. Then make a list of things that you are good at doing and really enjoy. If you’re struggling to come up with many, ask for feedback from family and friends. You can also explore new experiences, through volunteer work perhaps. If nothing else, this might at least help you learn what you don’t enjoy. From your lists so far, can you pick out things that you could make money from? Don’t worry too much about this last piece; you may be surprised at the array of franchise businesses on offer these days.
Secondly, look at what franchises are available on the market and see if there are any synergies with both your passions and strengths. A good place to look is at the listing pages on the Franchise Association websites, such as the IFA (International/US), CFA (Canadian) and BFA (British). Create a shortlist and begin contacting the companies to get more information. Franchisors are happy to receive enquiries and will typically send you some sort of information pack to give you an idea of the company values, the investment required, the work involved, the type of people they look for and the skills required to operate the business. This is a great opportunity for you to see if it’s a good fit at first glance. If so, it’s worth following up and speaking with the franchisor. At this point, you can see if there is congruency, and if they actually represent the values of the business. You can use this opportunity to find out how transparent they are about the process, the fees and costs involved. It’s also good to check that they are a member of a reputable association, such as the IFA, CFA, BFA, etc.
Remember; franchising is a two-way street. It’s just as important that you like the franchisor, the company values and their brand as much as they like you. Undertaking some self-reflection and discovering your Ikigai before you even begin to shop around can be a great exercise to help set you up for success, fulfilment and perhaps even, increased longevity.
